11:46 am, November 4, 2022
The LCV market dropped by 18.4 per cent last month to its lowest October level for 10 years, the SMMT said today.
A total of 22,386 of the latest vans joined Britain’s roads, but in spite of what the trade body called ‘robust demand’, registrations were at their lowest level for October since 2012, when 17,794 units were recorded.
It was also some 16.5 per cent below the pre-pandemic five-year average for October of 26,799 units as supply shortages continued to restrict worldwide production and availability.
But battery-electric van (BEV) deliveries continued to go up, rising by 52.5 per cent year on year in October to take 7.6 per cent of the market – up from 4.1 per cent in the same month last year.
October’s best-selling LCV was the Ford Transit Custom at 2,463 units, followed by its Transit stablemate at 2,336 and Volkswagen Transporter, pictured, at 1,799.
Source: SMMT
The overall market has declined in the year to date – down 19.9 per cent to 235,962 units, which is some 24.1 per cent below the pre-pandemic five-year Jan-Oct average of 310,682 units.
As such, the SMMT has downgraded its outlook for the full year to 290,000 units – down 18.5 per cent on 2021 and 20.8 per cent lower than 2019.
And while the LCV market is expected to rally in 2023 to 330,000 units, and up to 351,000 units during 2024, those totals will still be below pre-pandemic levels.
BEV registrations are expected to grow as new models come to market, but their anticipated share in 2023 has been revised to 8.7 per cent – down from the 9.2 per cent expected in the SMMT’s last outlook in July.
In 2024, BEVs are expected to represent 11.0 per cent of the market.
The SMMT said that while manufacturers are committed to meeting Britain’s ambitious net-zero targets, success depends on a strong, flexible market.
It added that fiscal measures are needed that ensure robust BEV demand, as well as attractive incentives and action to drive the rapid roll-out of suitable van chargepoint stations across the UK.
Mike Hawes, SMMT chief executive, said: ‘The UK’s van market continues to be shackled by supply shortages amid difficult operating conditions, which will likely continue into 2023, easing over the course of the year.
‘Demand for zero emission vans remains robust despite these challenges, but a successful net-zero transition will require measures targeted at long-term operator confidence.’
